【Daily】10 Mar. Brief of Pak BizNews
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KSE 100 43042.96 ▲ 0.38% KMI 30 69396.08 ▲ 0.64% KASB Tech Index 319.41 ▲ 3.25%
KASB Market View
· The investors took fresh positions on available attractive low levels that supported the market to stay in green zone throughout the day, however political uncertainty kept participation low. · KSE-100 index took a positive trend after the SBP’s decision to keep the policy rate unchanged at 9.75%. · Sectors contributing to the performance include Technology (up 74.6 points), Fertilizer (up 63.0 points), E&P (up 18.1 points), cement (up12.5 points) and automobile and parts (up 5.8 points).
National News
Kremlin tells United States to await response to “economic war” The Kremlin accused the United States on Wednesday of declaring an economic war on Russia that was sowing mayhem through energy markets, and it put Washington on notice it was considering its response to a ban on Russian oil and energy
Oil plunges as much as 17% as UAE, Iraq set to boost output Oil prices plunged as much as 17% after media reports said OPEC producers United Arab Emirates and Iraq said they would support increased production, potentially offsetting some of the supply disruptions caused by sanctions on Russian oil after its invasion of Ukraine. Source: https://www.brecorder.com/news/40159648/oil-plunges-as-much-as-17-as-uae-iraq-set-to-boost-output
Iran nuclear talks stumble over unresolved Russia demands Parties trying to revive the Iran nuclear deal scrambled on Wednesday to resolve last-minute Russian demands that threaten to scupper negotiations, diplomats said, with the United States appearing unwilling to engage with Russia on the matter. Source: https://www.brecorder.com/news/40159649/iran-nuclear-talks-stumble-over-unresolved-russia-demands
IMF need not worry: Tarin Finance Minister Shaukat Tarin has stated that the International Monetary Fund (IMF) should not have any concern on the prime minister’s package for slash in petrol and diesel prices, as well as, electricity tariff because neither the budget deficit nor borrowing would be increased. Source: https://www.brecorder.com/news/40159808/imf-need-not-worry-tarin
World heading for 1973-type energy shock: France The spike in energy prices caused by Russia’s war in Ukraine will produce effects comparable to the 1973 oil shock, French Economy Minister Bruno Le Maire warned on Wednesday. The current energy crisis was “comparable in intensity, in brutality, to the oil shock of 1973,” Le Maire told a conference in Paris. Source: https://www.brecorder.com/news/40159796/world-heading-for-1973-type-energy-shock-france
TPL Trakker, Telenor join hands to strengthen IoT connectivity infrastructure TPL Trakker is partnered with Telenor Pakistan to exclusively provide state of the art IoT solutions and services to strengthen domestic connectivity infrastructure in Pakistan.
Margins on MTBs soar to 130bps The margins on short-term government securities rose up to 130 basis points (bps) in the auction held Wednesday despite no change in key policy rate. Source: https://www.brecorder.com/news/40159727/margins-on-mtbs-soar-to-130bps
UAE wants to acquire Guddu Power Plant The United Arab Emirates (UAE) has reportedly expressed its intention to acquire combined cycle 747-MW Guddu Power Plant (GPP), well informed sources in Privatisation Commission (PC) told Business Recorder. The intention to acquire Guddu Power Plant emanated from Department of Projects, headed by Sheikh Hamad Bin Khalifa Bin Mohammed Al Nahyan in a letter to Prime Minister Imran Khan. Source: https://www.brecorder.com/news/40159805/uae-wants-to-acquire-guddu-power-plant
ADB mission to hold talks with minister An Asian Development Bank (ADB) Mission headed by the Bank’s Vice President (Operations-1), Shixin Chen is to hold a meeting with Finance Minister, Shaukat Tarin on March 14, on country’s macroeconomic conditions, debt sustainability, challenges and policies, ongoing IMF program, and medium-term fiscal framework including domestic resource mobilization, well informed sources told Business Recorder. Source: https://www.brecorder.com/news/40159804/adb-mission-to-hold-talks-with-minister
Acquisition of shares, investment: SBP amends R-6 of PRs for commercial banking The State Bank of Pakistan (SBP) has made some amendments to the Regulation R-6 of Prudential Regulations for Corporate and Commercial Banking for investment in the companies.
Wheat flour: Balochistan govt asked to ensure price stability Finance Minister Shaukat Tarin has directed the Balochistan authorities to ensure stability in the prices of wheat flour by maintaining the daily release of wheat to the flour mills. Source: https://www.brecorder.com/news/40159801/wheat-flour-balochistan-govt-asked-to-ensure-price-stability
15pc rise YoY: Banks’ profitability soars to Rs268bn mark Pakistan listed banks’ profitability increased to record Rs 268 billion, up 15 percent on year-on-year basis in 2021. Source: https://www.brecorder.com/news/40159800/15pc-rise-yoy-banks-profitability-soars-to-rs268bn-mark
First cargo of Halal meat sent to Uzbekistan The first cargo of Halal meat from Pakistan to Uzbekistan left for Tashkent from Karachi here on Wednesday after new market was explored for Pakistani meat recently. Source: https://www.brecorder.com/news/40159765/first-cargo-of-halal-meat-sent-to-uzbekistan
Commodities and Currency: 1-Day Change
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